BoG has compromised cedi; prosecute top shots – Law lecturer petitions AG

A law lecturer, Dr John Baiden, has said the Bank of Ghana “has compromised the Ghana cedi”.

“It is out of line and must be brought back in line”, the private legal practitioner said in a petition to the Attorney General.

“Hopefully”, he noted, “prosecution will bring about conscientiousness and deterrence from here on out”, adding: “Unstable currency equals unstable country”.

He said: “Ghana can do better”

In his view, the Minister of Justice should prosecute top officials of the central bank for making the cedi worthless.

“Our laws expect the BoG to protect and preserve our wealth that we have stored in the cedi. Money is said to be a store of value and thus value must be stable at all times”, Dr Baiden’s petition said.

“It is our case that the BoG has no business referring to a Free Float Exchange Rate Regime”, he said, adding: “The BoG must elect an Exchange Rate regime that is compatible with or informed by its legal mandates – Article 183(2)(a) of the 1992 constitution”.

“The Bank of Ghana shall – promote and maintain the stability of the currency of Ghana and direct and regulate the currency system in the interest of the economic progress of Ghana”.

“The cedi depreciation is not abating; putting the entire population in a panic mode because general incomes and salaries are stagnant, unchanged and for some worsening due to the present adverse economic conditions as a result of the unstable cedi

Source: Classfmonline.com